USD/CAD 4H Chart: Rising Wedge

There have already been two unsuccessful attempts of the Greenback to rebound from the lower edge of the rising wedge pattern, meaning that the risk of a failure is rising constantly. At the moment USD/CAD is testing the trend-line again, and we are sceptical about the ability to resume growing for a third time in two weeks. Bearish scenario is also shared by 71% of SWFX market participants. However, initially any decline below the boundary should be supported by the cluster of demands at 1.3156/39. It is composed of the 200-period SMA, monthly PP and weekly S1, while long term technical indicators see the opportunity there as they are giving signals to acquire the US currency.